Run your own numbers
Two calculators decide most refinances: what the monthly difference would be, and how long the closing costs take to pay for themselves. Both are here, free, no contact info required.
Monthly savings estimate
Enter your balance and both rates to see an estimate.
Principal and interest only; excludes taxes, insurance, and mortgage insurance. Educational estimate, not a quote or offer. Resetting to a longer term can lower the payment while increasing total interest, so compare terms honestly.
Break-even point
Refinance closing costs commonly run 2 to 5% of the loan amount.
Use the savings calculator's result on the left.
Enter your closing costs and expected monthly savings.
If you may sell or refinance again before break-even, the refinance likely costs you money. Read the full method.
Five ways to lower your payment
- 1
Refinance the rate
The direct route when your rate is above market. Whether it's a full refinance or a low-doc FHA Streamline / VA IRRRL depends on your loan type.
- 2
Remove mortgage insurance
Conventional borrowers at 20% equity can often request PMI removal without refinancing. FHA borrowers usually need to refinance to conventional to shed MIP.
- 3
Recast the loan
Pay a lump sum toward principal and ask your servicer to re-amortize. Same rate, same payoff date, lower payment, and usually just a small processing fee. No refinance needed.
- 4
Audit the escrow
Property taxes and homeowners insurance are often a third of the payment. Appealing an over-assessment or re-shopping insurance lowers the bill without touching the loan.
- 5
Extend the term
The option of last resort: stretching remaining years lowers the payment but raises lifetime interest. Honest tool for cash-flow relief, expensive as a default habit.
Ready to see your options?
Five quick questions. A licensed professional reviews your situation, then reaches out only with your written consent.